Dear sir,

Namaskar,

I am an Old Employee of Bajaj Allianz life ins. company. I worked there from Sept.2006 to Dec2008. Firstly I joined there as Jr. Sales Manager in sept.2006. I started to do Policies as I was told by my Branch Manager.

In Dec.2006, One New Policy Came on Name CAPITAL UNIT GAIN. In this Policy we were told that this policy has very High Allocation i.e upto 97% in First Year and after that 98% in 2nd and 3rd year. And then 100% from 4th year. We were also given training regarding this Product that Customer Can Surrender his Policy anytime after 3 Years and No Surrender Charges will be charged and he will get his Full Fund Value after 3 years. Also we were told that on Sale of this Policy, Premium will count 100% in Sales Manager's and Branch's Account and you will get Promotion earlier by Selling this Product. I also got Promotion and was given post of Branch manager also some day.

All over India, Sales of this Product Started at High Level becouse everyone wanted Promotion in short time and even company gave High Commission to the Agents also.Company gained Maximum Profit in this Period, before IRDA banned this Product. Even in Broucher it was not clear Surrender Charges. Then on some Grounds I.R.D.A banned this product in Sept.2008 by remarking that This Product is Not Customer Friendly and is of Acturial Funding Nature where heavy charges are Deducted at the time of Surrendering this Policy and Charges are deducted on Monthly basis when Policy is Going on..

Now the same thing is happenning in all over India. As Customer goes to any Bajaj Allianz Life Office he is told that you will have to pay app. 50% of First Year Premium as Surrender Charges. This is very Wrong sir, becouse nothing was told in advance about that. You can Confirm YOURSELF from any Customer among more than app. 1 Crore Customers in India about Capital Unit Gain Policy of Bajaj Allianz Life Ins. co. Ltd. And even many Complaints are regarding this polcy, on Internet also

Sir, My Demand is From All This Policy Holders of India, that If I.R.D.A banned this policy then the Customers came under this Policy must be given some RELAXATION at the time of SURRENDER, becouse IRDA banned on this ground also.

Now sir, this is upto you you can even take it as Public Intrest Litigation or as Complaint from myside as an old Employee of the Company becouse those Customers are Creating Problems for SALES MANAGERS who sold this policy in Friends Circle.

Hoping for Early Guidence and responce. Help me in solving This Problem at india Level. All the Materils are attached with this Policy that I can provide from Internet.

Thanks and Regards,
Jyoti Parkash monga.
Ex-Branch Manager
Bajaj allianz Life ins. Co. Ltd.
Abohar branch(Punjab)-152116
Branch code- df4.

RELIEF :- I WANT THAT ALL POLICYHOLDERS OF CAPITAL UNIT GAIN OF INDIA MUST BE GIVEN RELIEF FROM SURRENDER CHARGES WHILE SURRENDERING THE POLICY BECOUSE IRDA BANNED OR ORDERED TO BAJAJ ALLIANZ TO WITHDRAW THIS PRODUCT FROM MKT.